Virgin Money announced today that it’s entering the U.S. wholesale mortgage market, despite an ongoing exodus by nearly all other domestic players.
“As a consumer champion, Virgin Money offers greater options and a better deal,” said Sir Richard Branson, founder and chairman of the Virgin Group, in a statement.
“At a time when others are exiting the mortgage space, leaving consumers with fewer financing options, Virgin Money is jumping in with its wholesale mortgage program.”
The wholesale home loan lending business will complement its existing intra-family lending business, CircleLending, which also offers mortgages, as well as personal, business, and student loans.
Calling it “wholesale lending with a twist,” Virgin Money will offer real-time status updates and rate quotes, paperless underwriting, and the ability to import loan applications directly using brokers’ loan origination systems.
The company will offer conventional loans and FHA loans, and is approved to do business in 35 states, with full licensing expected by year-end. So far more than 150 mortgage brokers have joined the network.
“Virgin Money sees a growing service gap in the mortgage industry, which we plan to close and own,” said Asheesh Advani, Virgin Money founder and CEO.
“Consistent with our commitment to bring innovation to the industry–we will provide a customer experience unmatched in any wholesale or retail mortgage environment.”
Virgin Money’s newly established wholesale presence is the result of its takeover of mortgage lender and processor Lendia last summer.
Brokers can sign up here. I’m not sure how revolutionary they’ll be, but I am a fan of their airplanes.